Hewlett-Packard Co. reported shares increasing as much as 11% after it released better forecasts and quarterly results despite claims from analysts over its continuous problems in the PC market.

The world's number one personal computer maker was able to minimize expenses under the turnaround plan of chief executive Meg Whitman amidst the decreasing sales of PCs and sluggish corporate spending for information technology.

According to Steven Milunovich of UBS Investment Research, HP Co. successfully improved its financial statement although pressure is still affecting a number of businesses in the global market.

Like other manufacturers of PC, HP has been hardly affected by the switch of consumers' preference to tablets, iPads and android phones. PC maker Dell also experienced a 31% decline in its profits as it continues to see lower-than-expected sales in its major business division.

Adding to HP's woes, the companies saw failed acquisition and two chief executive officers losing their jobs.